EUR/USD Price Analysis: Accumulaiton kicking in, or just a respite on the way to test 1.0340?

• 1.0340  2017 lows in focus for the weeks ahead.
• A break there will open the risk of a move below parity. 

At a glance, the EUR/USD bearish impulse looks relatively overdone and the price is stalling after making a cycle low of 1.0472. At 1.0541, the euro is trading near Friday's doji close and bulls will be on the lookout for a bullish engulfing candle for the first day of the week to confirm the corrective bias. The same can be said for the weekly chart also:

EUR/USD weekly chart

EUR/USD daily chart

The price is based in what could be a phase of accumulation, at least on the lower time frames. However, failures to break higher will likely encourage the bears and lead to redistribution and a continuation of the bear trend for the days and possibly weeks ahead with a focus on the 2017 lows initially, 1.0340. A break there will open the risk of a move below parity:

EUR/USD monthly chart